Press release
Global Electrical Steel Market Extensive Growth Opportunities to be Witnessed by 2026|| Top Market players- NLMK, voestalpine AG, POSCO, thyssenkrupp AG, ArcelorMittal, Cogent Power Limited, Aperam
Get a free sample copy of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=2397
While the steel industry is witnessing an oversupply of low-cost steel, growing demand for electrical steel has led manufacturers to ramp up their production capacities. In particular, demand surge for cold rolled grain-oriented (CRGO) electrical steel is currently fulfilled by only a handful of Tier 1 players who have the capacity and technology for CRGO production. A 5x cost of electrical steel as compared to hot rolled coil steel used in car manufacturing and consumer durable explains the hegemony of Tier 1 players who hold half the global revenues in Electrical Steel Market place.
Non-Grain Oriented Electrical Steel to Gain Momentum on Account of Electrification of Auto Industry
Owing to the excellent isotropic magnetic properties, lower iron loss and multidirectional magnetization, demand for non-grain oriented electrical steel (NGOES) is likely to witness a surge on the back of growing adoption of electric and hybrid vehicles that consume a considerable amount of non-grain oriented electrical steel. Increasing interest of industry giants in auto electrification and exponential growth in the production of hybrid and electric vehicles will present a considerable demand for non-grain oriented electrical steel in the future.
Capacity Expansions of Grain Oriented Electrical Steel (GOES) Variants
Among the two types of commercially distributed electrical steel – non-grain and grain-oriented variants, demand for grain-oriented electrical steel is gaining significant momentum. An extensive application of grain-oriented electrical steel in the power industry, particularly in distribution transformers and power transformers can be attributed to the demand surge.
The excellent anisotropic magnetic property of grain-oriented electrical steel to the rolling direction – perfectly serves the energy sector need of low power loss during efficient energy conversion. Identifying the considerable sales of GOES products within the category of most technologically advanced and highest-efficiency electrical steel, manufacturers are engaged in the expansion of GOES production capacities.
In April 2018, ThyssenKrupp initiated production operation of grain-oriented electrical steel to meet the growing demand for the electrical steel variant in rapidly growing electricity demand in the country.
AK Steel, the only provider of GOES products in the North America region and a significant exporter of grain-oriented electrical steel across the globe launched TRAN-COR® X – a new grain-oriented electrical steel product for high and ultra-high voltage power transformers in May 2018.
In June 2018, Big River Steel, the leading steel producer and recycling specialist announced the investment of US$ 1.2 billion for the expansion of steel and electrical steel production facility. The investment is expected to explore possibilities in grain-oriented electrical steel production and a line of next-generation coating.
Browse full details about Report with TOC: https://www.factmr.com/report/2397/electrical-steel-market
“Trade Disputes” to Spur Economies towards Strengthening Domestic Electrical Steel Production
Electrical steel markets in fast-growing economies have been import-oriented. Flooded with low-cost steel, exports from China dominated this supply chain, however, current trade disputes have spurred a courtship behavior across world economies to sustain their domestic steel industries. According to the World Steel Association data, approximately 17% of the global steel export is projected to witness diversion towards attractive steel markets.
Influenced by steel tariffs, economies are carving their own ways of increasing domestic production of electrical steel. For instance, India to address its heavy reliance on the electrical steel market, have begun to expand the production capacity wherein German conglomerate ThyssenKrupp India announced the production of India’s first CRGO electrical steel. EU Commission also initiated a safeguard investigation with regard to concerns of steel imports.
Demand for Electrical Steel to Concentrate in High Power Motors
Electrical steel laminations play indispensable role in efficient power transmission in electric equipment. Extensive application of electric motors across end-user industries translates into significant demand for electrical steel. Increasing reliance on small and mid-sized electric motors for multiple evolving power transmission demand, particularly in electric vehicles is likely to generate lucrative opportunities for electrical steel market in electric motor landscape. In addition, owing to superior magnetic properties of non-grain oriented electric steel, high power motors highly utilize this type of electrical steel.
Competitive Landscape
The electrical steel market report delivers an exhaustive analysis on the competition landscape of the electrical steel. The electrical steel market report’s competitive landscape section includes information on the identified key players in the electrical steel market. In addition, the electrical steel market report also delivers information on the company profiles in terms of organization market size, product offerings, global presence and notable business developments of key stakeholders in the electrical steel market.
Few of the profiled players in the electrical steel market include Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, ArcelorMittal, Cogent Power Limited, Aperam, Baosteel Group, AK Steel Corporation, ATI, Schneider Electric, NICORE Electrical Manufactory Co.,Ltd., ABB, Emirates Transformer & Switchgear Limited, Phoenix Mecano AG, Crompton Greaves, Leicong Industrial Co., Ltd. and Höganäs AB.
For any query get easily connect with an Analyst: https://www.factmr.com/connectus/sample?flag=AE&rep_id=2397
About FactMR
FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market insights reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
Contact Us
Fact.MR
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: sales@factmr.com
Web: https://www.factmr.com/
Blog: https://factmrblog.com/
Read Industry News at - https://www.industrynewsanalysis.com/
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global Electrical Steel Market Extensive Growth Opportunities to be Witnessed by 2026|| Top Market players- NLMK, voestalpine AG, POSCO, thyssenkrupp AG, ArcelorMittal, Cogent Power Limited, Aperam here
News-ID: 1455502 • Views: …
More Releases from Fact.MR
Loader Crane Market Growth to Reach US$ 7,654.4 Million at a CAGR of 4.8% by 203 …
The global loader crane market size is anticipated to be valued at US$ 4,789.6 million in 2024. Projections indicate a steady expansion with a CAGR of 4.8% through 2034. The estimated growth is set to raise the loader crane market to US$ 7,654.4 million by 2034.
The loader crane market is witnessing substantial growth as industries increasingly recognize the efficiency and versatility of these lifting solutions. Loader cranes, mounted on trucks…
Small Engine Market to Surpass US$ 5,951.7 Million, Expanding at 4.3% CAGR by 20 …
The global small engine market is estimated to be valued at US$ 3,906.6 million in 2024. Projections indicate a steady expansion with a CAGR of 4.3% through 2034. Anticipated growth is set to propel the market to an impressive size of US$ 5,951.7 million by 2034. The growing need for sustainable solutions is boosting market demand.
The small engine market comprises engines typically under 25 horsepower used in various applications like…
Torque Sensor Market Size Expected to Hit US$ 15,156.3 Million by 2034, Exhibiti …
The global torque sensor market size is estimated to be valued at US$ 8,601.2 million in 2024 and is anticipated to reach US$ 15,156.3 million by 2034. The demand for torque sensors is likely to rise at a CAGR of 5.8% through 2034. The consistent CAGR underscores a sustained demand for torque sensors across diverse industries, from automotive to industrial automation and renewable energy.
For More Insights into the Market, Request…
Waste Management Equipment Market Size Worth US$ 29,842.2 Million with 4.5% CAGR …
Fact.MR, in its newly published study, says that the global waste management equipment market size is estimated to be US$ 19,216.2 million in 2024. Global demand for waste management equipment is projected to grow at 4.5% CAGR, reaching a market value of US$ 29,842.2 million by the end of 2034.
The waste management equipment market is expected to experience growth opportunities in the coming years, owing to increasing emphasis on recycling,…
More Releases for Steel
Steel Beams Market is Booming Worldwide with Steel Dynamics, JSW Steel, JFE Stee …
HTF MI just released the Global Steel Beams Market Study, a comprehensive analysis of the market that spans more than 143+ pages and describes the product and industry scope as well as the market prognosis and status for 2025-2032. The marketization process is being accelerated by the market study's segmentation by important regions. The market is currently expanding its reach.
Major Giants in Steel Beams Market are:
ArcelorMittal (Luxembourg), Nippon Steel (Japan),…
Special Ball Bearing Steel Market : Eminent Players - Nippon Steel, Suzhou Steel …
Market Description -
Los Angeles, (United States) - The information made available in the Special Ball Bearing Steel report will definitely facilitate to increase the knowledge and decision-making skills of the business, thus providing an immense opportunity for growth. This will at last increase the return rate and drive the competitive edge within. Being a custom market report, it provides services tailored to the exact challenge. Whether it is survey work,…
Miscellaneous Steel Detailing | Steel Detailer | Steel Detailing Services
We provide the highest quality of finished projects in the industry. Boasting unmatched turnaround times, and superb accuracy. WorldSteel Detailings has onboard team of experienced steel detailers and engineers with a wide range of experience from industrial and commercial projects to high rise buildings. By using innovative technologies and latest softwares, our structural steel detailing team provides accurate services as per your requirements based on country standards.Our steel detailing professionals…
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in…
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in…
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in…
